Expecting some action this Expiry for BankNifty Contracts. I have had a post of BankNifty hit the SL but i will surely take the chance to Short at yesterday's low of 489.5 Trendline Break is always a good bet, let's see if the stock respects its supports like BankNifty hovering in the uptrending channel; or the banking stocks get a beating with sellers rushing to book profits. The other situation is that the market surprises us with new all time highs :) Intraday traders must keep strict SL according to their risk appetite. This market is for smart people, not emotional ones.
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Still taking support from trendline. Would shift entry price to 492 level on 10min candle break with StopLoss at Today's high of 504. 2:3 RR Profit booking happened in PSU stocks and Nifty today. Let's see if Friday gets a bout of profit booking in banks. Expiry next Thursday will cause volatility. Best to enter trades now and Monday.
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Shifting trendline support higher and higher. No confirmed break as of yet on 10min candlestick. Good for us, better Risk Reward.